Alcosta Capital Management Inc. trimmed its position in KLA Co. (NASDAQ:KLAC – Get Rating) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,593 shares of the semiconductor company’s stock after selling 273 shares during the quarter. KLA accounts for 3.6% of Alcosta Capital Management Inc.’s holdings, making the stock its 12th biggest holding. Alcosta Capital Management Inc.’s holdings in KLA were worth $4,976,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of KLA in the fourth quarter valued at about $598,653,000. C2C Wealth Management LLC bought a new position in shares of KLA during the fourth quarter worth approximately $401,488,000. 1832 Asset Management L.P. raised its position in shares of KLA by 53,951.8% in the fourth quarter. 1832 Asset Management L.P. now owns 584,300 shares of the semiconductor company’s stock valued at $252,104,000 after buying an additional 583,219 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of KLA by 128.3% in the first quarter. First Trust Advisors LP now owns 921,422 shares of the semiconductor company’s stock valued at $337,296,000 after buying an additional 517,870 shares during the period. Finally, Ceredex Value Advisors LLC grew its position in KLA by 297.8% during the first quarter. Ceredex Value Advisors LLC now owns 633,468 shares of the semiconductor company’s stock worth $231,887,000 after buying an additional 474,229 shares in the last quarter. Institutional investors own 90.60% of the company’s stock.
Insider Activity at KLA
In other KLA news, EVP Oreste Donzella sold 96 shares of the firm’s stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $320.00, for a total transaction of $30,720.00. Following the completion of the transaction, the executive vice president now owns 35,442 shares in the company, valued at approximately $11,341,440. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Oreste Donzella sold 96 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $320.00, for a total transaction of $30,720.00. Following the completion of the sale, the executive vice president now directly owns 35,442 shares in the company, valued at $11,341,440. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Ahmad A. Khan sold 7,736 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $360.26, for a total transaction of $2,786,971.36. Following the completion of the transaction, the insider now owns 77,927 shares in the company, valued at approximately $28,073,981.02. The disclosure for this sale can be found here. Insiders have sold 14,761 shares of company stock worth $5,468,670 over the last ninety days. Insiders own 0.16% of the company’s stock.
KLA Stock Up 2.2 %
KLA (NASDAQ:KLAC – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The semiconductor company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.46 by $0.35. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.42 billion. KLA had a net margin of 36.06% and a return on equity of 95.80%. KLA’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.43 earnings per share. On average, research analysts anticipate that KLA Co. will post 24.75 earnings per share for the current year.
KLA announced that its Board of Directors has authorized a share buyback program on Thursday, June 16th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 12.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
KLA Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were paid a $1.30 dividend. This is a positive change from KLA’s previous quarterly dividend of $1.05. This represents a $5.20 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Friday, August 12th. KLA’s payout ratio is currently 23.74%.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on KLAC shares. KeyCorp lifted their price objective on KLA from $375.00 to $410.00 and gave the company an “overweight” rating in a report on Friday, July 29th. The Goldman Sachs Group reduced their price objective on shares of KLA from $437.00 to $344.00 in a research note on Friday, July 15th. Bank of America dropped their target price on shares of KLA from $430.00 to $410.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Barclays reduced their price target on shares of KLA from $365.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. Finally, UBS Group lowered their price objective on shares of KLA from $360.00 to $345.00 and set a “neutral” rating for the company in a research report on Tuesday, June 28th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, KLA currently has a consensus rating of “Moderate Buy” and a consensus price target of $424.16.
KLA Company Profile
KLA Corporation designs, manufactures, and markets process control and yield management solutions for the semiconductor and related nanoelectronics industries worldwide. The company offers chip and wafer manufacturing products, including defect inspection and review systems, metrology solutions, in situ process monitoring products, computational lithography software, and data analytics systems for chip manufacturers to manage yield throughout the semiconductor fabrication process.
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